Soybeans Ended In Red After Recording Some Gains - Nov 04, 2008

NCDEX Soybeans ended in red after recording some gains earlier in the day as profit booking emerged in the commodity after day’s highs. The commodity eased in the spot markets today as the demand thinned after last few days’ highs. The spot prices eased to Rs 1673 in today’s trade, down Rs 7 per quintal from the last session. The spot prices in Indore rose after falling to Rs 1633 per quintal in the middle of October as good demand in the festive season and lean arrivals supported the prices.

The commodity hit a two-week high of Rs 1680 per quintal yesterday. However, the movement in today’s session has been a let down so far. Not much of a demand is emerging in the spot markets at the prevailing rates. After hitting a high of Rs 1710 in intraday moves, the NCDEX December futures ended at Rs 1688 per quintal, down Rs 11 or 0.65% from the previous close.

Physical Market Tumbles Further Black Pepper - Nov 04

The Black pepper futures settled with nominal loss today. The NCDEX Black Pepper futures benchmark December contract traded in the ranges of Rs 11360-Rs10891 per 100 kg. The contract ended the day with loss of Rs 9 at Rs 11173 per 100 kg. The open interest dropped 2.28% to 6,556 lots from 6709 lots as on last day. The volume traded in the contract dropped to 4,080 lots from 4,468 lots as on last day.

The Black Pepper stocks in the NCDEX accredited warehouse as on 03-11-08 stood at 2803 MT (2988 MT)and 10 MT(20 MT)of dematted and quantity in the process respectively.The Black Pepper tumbled further today in the local cash market. The Malabar Garbled Grade-1 Pepper slumped nearly Rs 100 to Rs 11489.25 per 100 kg.

Ukraine Harvested Over 50 Mln Tonnes Of Grain - Nov 03, 2008

Ukraine has finished harvesting campaign and complex of autumn field works, declared the media-department of the Ministry of Agrarian Policy on October 29.

As of October 29, Ukraine harvested 50.6 mln tonnes of grain and legumes with an average yield of 35.2 c/ha, according to the announcement,

Particularly, farmers harvested 290.900 tonnes of buckwheat, 100.100 tonnes of rice and 233.800 tonnes of millet.

The agrarians harvested 6.26 mln tonnes of sunflower throughout 94% of planned areas with an average yield of 15.8 c/ha.

Ukraine also finishes soybean harvesting. To date, 651.500 tonnes of soybeans with an average yield of 15.7 c/ha were harvested.

As of October 29, Ukraine sowed 7.8 mln ha of winter wheat and triticale, 449.200 ha of winter rye, 1.08 mln ha of winter barley.

Domestic Sentiments Under Even Pressure - Nov 03, 2008

Kottayam: Rubber prices ended weak on Nov 1. The falls in TOCOM rubber futures in the weekend session kept the domestic sentiments under pressure even after a day and sheet rubber RSS 4 declined slightly to Rs 88.25 from Rs 87.50 a kg on Oct 31. Spot rates were: RSS-4: 87.25 (87.50); RSS-5: 85 (86); ungraded: 81.50 (81.50); ISNR 20: 83 (84.50) and latex 60 per cent: 60.50 (61.50).

CTC Leaf Teas At North India Sales With Less Demand - Nov 03, 2008

Kolkata: Last week, CTC leaf teas at North India sales met with less demand and eased in value. Selected liquoring dust teas were around last while the remainder also tended easier. Whole leaf grades in the Darjeeling tea auction were barely firm while the remainder tended easier. Traditional exporters and packeteers operated. In the Orthodox auction, selected well made whole leaf and brokens were irregularly easier while the remainder tended lower. Fannings were steady on last levels.

Yemen, other West Asian countries and Pakistan packers showed more support at lower levels while Egyptian packers were active with Afghanistan operating at lower levels. The Egyptian Government sector re-entered the market and was fairly active. The Colombo auction saw less demand at easier rates for all sorts.

Indian Pepper Has Become Competitive In The Futures Prices - Nov 03, 2008

Kochi: Indian pepper has become competitive, with the fall in the futures prices and the continuous decrease of the rupee against the dollar. Last week, the November and December contracts increased by Rs 128 and Rs 3 a quintal to close at Rs 11,500 and Rs 11,465 respectively. All the other contracts fell by Rs 2-316 a quintal on NCDEX. Fall in prices on NMCE ranged from Rs 146 to 325 a quintal. Total volume increased by 4,266 tonnes to 36,923 tonnes.

Total open interest fell by 292 tonnes to 14,538 tonnes. November open interest fell by 1,209 tonnes. Spot prices declined by Rs 300 a quintal during the week to close at Rs 11,100 and Rs 11,700 (MG 1) a quintal at Nov 1 close.

Copper Aluminium Also Pares Early Losses - Nov 1, 2008

MCX Copper futures have gained marginally as traders resorted to short covering in the shortened session ahead of the weekend. The MCX November futures drifted lower to Rs 207.50 per kg and rebounded to quote at Rs 208.50, up Rs 1.50 per kg or 0.75% from the previous close. The Aluminium futures also edged up from the initial lows, rebounding from a low of Rs 97.65 per kg to trade at Rs 99.50 per kg, up Rs 0.50 or 0.50% from the previous closing price. The counter has added nearly 2 rupees in the intraday moves so far, quite intriguing provided that it is a Saturday. The open interest is down 1%.

Water Storage Of Important Reservoirs Country - Nov 1, 2008

The present water storage in the major reservoirs of the country is about 10% than last year, according to a latest update from the Ministry of Water Resources. The Central Water Commission (CWC) under Ministry of Water Resources has monitoring storage position of 81 important reservoirs spread all over the country and declared that the combined live storage in these 81 reservoirs at the beginning of monsoon i.e. 1st June, 2008 was 19 % of their designed capacity.

The current storage stands at 71 % per cent of the designed capacity as on 30th October 2008. The present storage is 90 % of last year’s storage and 106% of last 10 years average storage during the same period. Out of these 81 reservoirs there are presently 17 reservoirs where this year’s storage is 80 % or less than the average of previous 10 years and in remaining 64 reservoirs the storage is more than 80 % of the average of previous 10 years.

The storage position in 6 basins namely, Ganga, Indus, Narmada, River of Kutch, Krishna, Cauvery & Neighboring East Flowing Rivers are better than average of previous 10 years. Tapi, Mahi, Godavari, Mahanadi and Neighbouring East Flowing Rivers and West Flowing Rivers of South basins are flowing close to normal and Sabarmati is flowing deficient.

Slowdown Likely To Affect Guar Gum Export - Nov 1, 2008

Chennai: Guar gum exports are likely to be affected, while domestic consumption may also fall in view of the global economic slowdown. Demand from countries such as the US and Europe is likely to be hit in view of the slowdown and crash in the commodities market, especially crude. Guar gum exports were initially pegged to reach 2.25 lakh tonnes this fiscal, but now the industry expects it to be 1.75 lakh tonnes only. On the other hand, domestic consumption was hoped to be around 50,000 tonnes but could now be lower at 40,000 tonnes. Global recession and slowdown in demand is very much evident. Guar or cluster beans is a legume crop that grows best in the semi-arid regions in the country. In India, guar is grown primarily in Rajasthan.

It is also grown in Haryana, Punjab, Gujarat and Madhya Pradesh. India is the major producer of guar seed and gum, making up 80-85 per cent of the total world supply. Crude prices have declined to below $70 a barrel and exploration activity could slow down. Due to lack of demand, guarseed rates have currently fell to Rs 1,450 a quintal from over Rs 1,790 quoted during August-end.

Rice Procurement By Government Agencies - Nov 1, 2008

New Delhi: Rice procurement by Government agencies has picked up following the Centre's declaration of a bonus Rs 50 per quintal over and above the minimum support price (MSP) for the current 2008-09 marketing season (October-September). As on Oct 30, the Food Corporation of India (FCI) and various State agencies had cumulatively purchased 78.37 lakh tonnes (lt) of rice, as against 72.42 lt procured during the corresponding period of the 2007-08 season. The step-up in procurement comes as a relief for the Centre, which was concerned over the initial lag that was mainly attributed to the delay in declaration of the bonus.

The decision to grant the Rs 50 per quintal bonus over and above the MSP of Rs 850 for common paddy and Rs 880 for grade 'A' varieties was taken by the Cabinet Committee on Economic Affairs (CCEA) on Oct 16. However, overall arrivals in the mandis remain to be lower compared to last year. As on OCt 30, total paddy arrivals of 132.1 lt were below the corresponding last year level of 135.83 lt. Both Punjab (105.73 lt versus 110.78 lt) and Haryana (19.24 lt versus 22.52 lt) have reported lower cumulative flows of grain into their markets.